McEwen to meet 2015 guidance despite massive gold theft in Mexico

McEwen to meet 2015 guidance despite massive gold theft in Mexico

El Gallo mine, in Mexico, produced 15,243 ounces of gold in the first quarter ended March 31, prior to an armed robbery of concentrate containing 6,350 ounces last month.. (Image courtesy of McEwen Mining)

Canadian miner McEwen Mining Inc. (TSE:MUX) said Monday it is still on track to meet this year’s production estimate despite a major gold concentrate theft from its El Gallo mining operation in Mexico in early April.

The Toronto-based gold and silver producer expects El Gallo’s output to be lower in the April-June quarter than in the previous quarter. However, it said it would still reach 50,000 ounces for the full year, as it experiences better ore grades.

The El Gallo mine produced 15,243 ounces of gold in the first quarter ended March 31, prior to an armed robbery of concentrate containing 6,350 ounces last month. The figure represents more than half of the total gold produced by McEwen in the period, with the rest coming form its 49% share of production at the San Jose mine in Argentina.

More details in the company’s press release.